{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR MSCI Emerging Markets Climate Paris Aligned UCITS ETF (Acc) is classified as non-complex under MiFID II. The fund uses physical replication to track the MSCI Emerging Markets Climate Paris Aligned Index, with no mention of synthetic replication, swaps, or leverage. The fund's investment objective is straightforward: to track the performance of the index by holding all securities with approximate weightings. While the fund may use financial derivative instruments for efficient portfolio management, there is no indication of extensive or complex derivative usage. The fund is UCITS-compliant, which typically implies a higher standard of transparency and liquidity. The risk profile is rated as category 6, reflecting the inherent risks of emerging markets but not indicating complexity in the fund's structure. The fund's holdings are primarily large and mid-cap equities across emerging markets, with no mention of complex underlying assets like contingent convertible bonds or structured products. The fund does not engage in securities lending, and its costs are straightforward with an ongoing charge of 0.23%. The PRIIPs KID and fact sheet confirm the physical replication method and the absence of leverage or inverse strategies. The fund's complexity factors are limited to the inherent risks of emerging markets and ESG screening, which do not trigger a complex classification under MiFID II.",
    "confidence": 95
}